Russia's Grain Exports Paralyzed by Ukraine Drone Strikes

Russia's grain exports are nearly at a standstill after Ukraine's drone strikes on Russian ports in the Black and Azov Seas. The Moscow Times reports that this has paralyzed shipments, threatening farmers with a deep crisis and mass bankruptcies.

The disruption is significant because Russia earns around $15 billion annually from grain exports. Last season, 88% of all seaborne grain shipments from Russia came from the ports in the Azov-Black Sea basin, totaling 46.3 million tons.

Citing Andrey Sizov, CEO of SovEcon agricultural consultancy, it is 'practically all' Russian grain exports through this region that are currently at a standstill. The only port still operating is Tuapse, the smallest deep-water terminal.